love the unfettered economy by m. kennedy. good night. lou: and good evening president obama inresno california today ready is about to address the first time that is devastating in agriculture must up -- much of the southwest with the increasing number of city is a and towns. thousands of farmers, ranchers and laborers are eager to hear wh the prident has to say. we will talk to em who wants the president to do a lot more than a talk about the crippling drought in the context of his climate change agenda. also we continue our reporting on the industry

shouldn't intent to selected for enforcement of the law by the justice department. this time eric holder clears the way foranks to except marijuana business despite the fact that pot is still the old people schedule what substance there for cgress is illegal eeen by banks. the "a team" on that issue and vulnerable democrats are worried about keeping their jobs. many of them were despera ahead of the midterm elections.@ senato from alaska, a virginia, now sponsoring health care plan with the lower level of coverage much like the coverage that obacare forced miions to get rid of. we will ask the president of the gate land instute if it is a ploy or if they can save obamacare and their jobs. for e top story the

president with the drought and the environmental disaster how bad is it in california? most of that state is experiencing extreme drought th% -- 10 percent the hight possible level communities are in danger to read all of water were to run pipes from the other districts andot just california problem there will have the effect of underprices because their farms produce 21% of total food supply more then countries for its animal and vegetable soon did not come from there it is estimated at $5 billion about 10 percent of the industry in a duel profits last year. our first guest is a state senator you rancher who represents the central valley. 82 recess from the capitol in sacramento and wrote a

letter to the president asking why washington has done so little to deploy federal resources to bring in more water for the of farming communities. great to have you with us. you have got to be pleased i assume that the president is interstate pledding aid a huge relief. >> i am very pleased he is and our state assemy he will only be there for about two hours and one of that is id transitory helicopter rides for our wish she could spend two days or two week to see those utterly hurting someone might haverinking water. it is devastating. the other point that 38 percent with the unemployment it is an indescribable. lou: i understand youhe importance of the president been there with the central

valley in other parts of drought-ricken california but the fact is the interior department, the bureau of reclamation what are they doing to help? >> not anything. i was calling for a drought one month ago then filly the governor declared. now we havthree congressman that had a great bill that cleared the house a huge the president promised to veto. our senators have come off with legislation that will help. they're throwing money at it but it doesn't do anything that highlight what our federal and state agencies have the power to do. there is no relief. we have got to change our way of thinking. lou: your reservoirs' are down, the water table, of water supplies dropping dramatically. the reports suggesting it is

a 500 year drought likely to worsen. what can you do? you had to sell some of your catalog your branch, you had to lay off employees i suppose that is the story tragically repeated across the central vall and much of central california. >> yes. all lot of folks are hurting a lot worse. i have friends that will probably lose farms and ranches not to mention those that will not be working. ey're not looking for a handout. they want to work we haveh locks built 60 years ago as anct of congress sam from there it runs into baksfield there is a lot of communities relying even just on than drinking water not to bend to the citrus,

grapes and fruits and vegetables but now we're running out they are trying to restore it but it has been gone 60 years it does not make sense. the salmon will cost two or $3 billion apiece but on the last april toederal servoirs when state they read 96, 108 you 101 percent of historical average than poorer full day lead aid under 2 26,000 acres of water go to the ocean. lou: why? why did ttey let that runout? >> matt is t environmental stuff that is coming back to bite us causs now we do have a drought. recovers bother in president kennedy helped to spearhea the system. have the envy of the world

with our water system. we have capacity i am fighting for more storage but then we let it all ought to the ocean? lou: talking about nevada and arizona now northern new mexico watchingthe effect of the drought spread and worsen we will see uglier results and what you were already experiencing is there any way in which we could fix this quickly? >> common sense s to prevail and should n be politil. shall look atcommunities they allentown's we cannot come in with a band-aid. lou: you are the state senator controlled by democrats.

are you rking together? it is your of urgency what are you doing it dayy partisan and common sense way? >> iried to educate my colleagues -- colleagues. we do that the best we can we do have some bipartisan suort. we just keep telling our story but with washington d.c. into the higher levels ey have a different view and many think we should not even exis. lou: you may not i this persists over several more years. but what is the federal usda or the intior department do we? we have numerous agencies it is clear what the epa is dog but what positively arehese agencies do we

now? ba nothing positive. we hear a lot of lip service but we get between zero and 5% of our water it does no make sense. they will see a total catastrophe and food prices will go up lou: those food prices california produces about 20% of that portion of the food supply. it will be striking. house and do you think that impact will be felt? did back already the lettuce is alrey shifting to nonestenceut it will start this summer with the balance than the tree fruit stand citrus you will see this a lo of people live in food lines i have a can of carriage that came out in

2009 and this was passed out in the food lines last year or 2,000 night is a product of cna. that does not get you write-up people given product from china? it is unbelievable. lou: by some estimates 20 percent of the total food supply is now produced and is forbidden in origin we brag about this country the food independent but we are no locker and that they were said roswell. we wish you the very best. nator vidak. the eastoastdigging out from though winter storm that draw more than 1 foot of snow 25 deaths are blamed for hundred thousand people have the power most in south

carolina and georgia snowfall totals ave nmal detroit york you boston. of air traffic hit hard the weather has been record setting reported more than 75,000 flight -- 75,000 flights have been canceled since december 1st more th 5% of l scheduled flights. american speed skater is asking permission for older suits after the new ones for their disappointing performances the mock 39 help to be developed with loheed martin were built as the fastestspeed skating suit in the world but othe blame the of the today and the ice and faster competitors whenever the reason and under arbor stock is down 2% i personally believe the best trading lack of pulled red, whit

and bl on blue suits are the factor. stay with us. we will be right back. >> asenator democrats think they may lose t electi not only gold silver and bronze but now copper as well.

lou: all street stocks posted the best week of the year dow jones industrl average up 12the s&p applied d the nasdaq up three posting weekly gains of more than 2%.

target cybersecurity staff raised concerns of the patent system two months before the massive data breach but the retailer is acceleting plans for safer computer chip technology that it abandoned in 2004 it is just used an 7% of credit cards mastercard and visa said the 20 deadline too switch to the chips. pulled wagon expecd announce of the tennessee employeevoted to join reid the uaw and workers at the plant are big on average $19.50 after three years the uaw workers make $80.41. what is this about? national right to work committee president joins us off but day to break down the high-stakes election and and why bandage rent is supporting the union. the administration and

insist obamacare is meeting expectatnsnd a large number of people have paid premiums. >> we expect march 31st we will have a significant number of americans who have purchase plans with the demographic breakdown will be well within we had hoped to see in order for the marketplace to faction in effectively. lou: labored but not so hard. president of the gaelic institute great to have you with us. try to start with the president's spokesperson laboring over a straight forward question he does not want to the user directly. do they have been released that approach anything that they talked about at the outset? >> they haveo be so careful with what they say be coz of what they are not

telling us. 3.3 million people have signed up with the federal and state exchanges but that does not need they have pai or are covered so we have at least 20% or more that have noo paid premiums. that is the first one. if that were good news ty would tell us. lou: thether good news is that the demographics as jay carney point it well within the what we hope to see. 18 through 34 year-old comprising 25% so they say. the berber they wanted was 40% to pay f elderly folks

who'd leave more expensive care locker. >> the truth is it is 25% they said that would be a disaster earlier. but they have to look at the incentive. they made this insurance much mo expansive vi the less attractive for those in principles they obtuse spend several thousand dlars per year for products they will not use but what they need is to have those young people to pay more than what they're likely to use with health coverage so the older people could pay less but guess what is happening? the older sicker people will sign up but the and your people are not civic that we have this proposal put together that are gasping in

desperation with the lower costs planned that sounds like the insurance plan that they were forced to cancel because of obamacare. >> the policies that many people had ever canceled for obamacare were more attractive. the deductibibles that they considered to ba a high deductible called hundre per year but with the bruins play and many are 4,000 per year copper is 6,000 it is hard to see how that will make them more attractive people ceainly than what they had before i don't think so i think it is just grasping at straws

to. >> we will see the impact is likely fore that of the impact for earnings for insurance coanies. a dent a warding of those dirty this is the expectation what is the effect of the insurance industry itself and the health care industry itself? >> first of all, only 11 percent according to mckinsey and compa of those who are enrolling are new people who were not insured before. this is a gigantic turne from those who had policies that hey liked and canceled those struggling to get coverage through state or federal exchanges. they thought they would be getting a lot of new customers is not happening.

not good for earnings. s ceo of atlas said they sold00,000 plans btle the 130,000 have paid the previous befoul holds up also the insurance companies are getting corrupted data especily from the federal exchange. believes are wrong wrong, addresses, children wrong, address, children, but making individual calls which is a huge costo sort that out. lo very quickly, we a hearing anecdotal reports ery side up is costing $57,0 just to sign up? to bri in those enrollees to the exchange's? surely not?

rebecca could be if you count the cost of the web site. we have spent $5 billion of the federal and state website suggest adding that eppley could have covered almost everybody with a catastrophic policy alone. lou: take you to be with us. 50 years of the swimsuit edition and with "sports illustrated" the most profitable single issue bag design franchise of the world to put that in specific terms the cover hits newsstands next week and the annual swimsuit edition amounts t about 7 percent of sports illustrated put annual revenue and has brought in over 1.$5 million -- dollars. despite the pep taco

obamacare the main rson obamacare the main rson trying to take control. so ally bank really has no hidden fees on savings accounts? that's right, no hidd fees. it's just that i'm worried about, you know, "hidden things." ok, why's that? well uhhh... surprise!!! um... wellit's true. at ally there are no hidden fees. not one. th's nice. no hidden fees, no worries. ally bank. your money needs an ally. we are thinkers. the job jugglers. the up all-nhts. and d the ones who turn ideas into actn. we've made our passions our life's work. we strive for the moments where we can s, "i did i" ♪ we are entrepreneurs who started it all... with a signature. legalzoom s helped start over 1 million businesses,

turning dreamers into business owners. and we're here to help start yours.

lou: president obama and dropping in on the retreatt3 to give a much-needed pep talk to face the uphill battle one dash battle to keep the seat. here is the president acknowledging his signature health care law will cost many democrats t the seats in congress. >> faq for being tough on issues that i think 10 years from now we will look back to said this was a monument to achievement that could not have ppened if not for this caucus. >> notice you went from 10 years down the five years the midterm ections are 262 days the way. with the bid terms the republicans would have to

commit some for ofhe electoral suicid there is a lot of history to contend with. the democrats in the bow with net of 70 to regain control. no party has never gave any where near 17ver the past century. republicans and president bush wanted eight seats to thousand two. democrats and clinton won five seats but now 17? public but perhaps this is a scial your baby the polls that showed 55 percent wish obamacare had ever passed are irrelevant. not likely. the latest nbc will street journal poll show democrats hold just a 2.into a ditch on the genic congressional

ballot. right before they want bauhaus they had the higher percentage of 15%. maybe california dreaming if they think they have a chance. the president is more concern probably with geopolitical discussions were his golf game if nothing else. we have more th 28 million people a lot of work let's bring in lots of low-skilled workers. that's the ticke next. this is the quicksilver cash back card from capital one it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards eaeach quarter" ca. it's the no-games, no-messing-'round, no-earning-limit-having, do-i-look-like-i'm-joking, turbo-boosting, heavyweight-champion- of-the-world cashack card.

thiss the quicksilver cash back card from capital one. unlimited 1.5% cash back on every purchase, everywhere, every single day. now tell me, what's in your wallet? (voseeker of the sublime.. you can parate runway diculousness... from fashionhat flies off the shelves. and you...re from national. because only national lets you choose any car in the aisle... and go. and only national isanked highest in car rental customer satisction by j.d. power. (natalie) ooooh, i like your highest style. rental (vo) so do we, business pro. so do we. go national. go like pro. crestor got more high-risk patient bad choleerol to a goal of und 100. way to go, crestor! yh! ttg to goal is a big deal, especially if you have high cholesterol plus any of these risk factors. becaususyou could be at increased risk

for plaque buildup your arteries over time. so, when diet a exercise aren't engh to lower cholterol, adding crestoran help. go, crestor! ♪ ♪ oh, yeah [ female announcer ] crestor is not right for everyone, like peoplwith liver disease or women who are nursing, pregnant, or m become pregnant. tell your doctor about other medicines you'rtang. call your doctor rht away if you have muscle pain or weakness, fl unusually tired, have loss of appetite, upper belly pain, dark urine, or yellowing of skin eyes. these could be sig of rare but seris side effects. crestor! yes! [ female announcer ] ask your doctor about crestor. if you can't afford your medication, astrazena y be able toelp.

lou: theobama in registration and providing new guidines to allow commercial banks to legally pride financial-serves to state licensed marijuana

business. turnin a blind eye to federal law that calls for the prosecution of such activities under existed statutes. the obama administrati is holding a have a dnce. former clinton adviser doug showed reporting and alice said barbara. good to have you here. what is theorld is this industry should do we? >> staterigh? back i thought it was in the contex of the constitution. >> what they are saying is if you are a bank operating in the sta where it is legal they will not enforce the law. i have a problem with it. lou: do is talk about the power of the four -- federal government senate there is

also places a does not acknowledge a certain begs but states acknowledge marriage equality now people can get married there are states was. >> i think it is a dangerous precedent to lew set and had it violates the claus you maynot mind the policy chans but down the road you could. this is not an administrative like other executive orders but very clearly a change of enforcement if you choose what to enforce there's a reason in france called for presidt he could say i will n enforce it comes tax. it is a slippery slope. >> it is a simple answer practical problem of legal busine and a stay at one vast amounts of cash floating around like that to have access to the banking system with the regulations but bottom line i don't want

unregulated businesses care reading and out of control with massive about the cash. lou: even at the expense of statutes with conagra's the regulation of the federal government to find it expedient? period people should sue and let the courts decide. lou: i woul expect thecut president to faithfully execute the laws of the country. >> he has not done that on another matter so why this different? lou: i would expect it describing that he calls itself a constitutional scholar. >> doesn't the affordable care act give you pause? lou: more than that. tel dawn to use as in the op-ed united states needs more low-skilled immration because americans are

unwiing to do such work. this is peculiar? he said these of skilled workers i assume he describes the legal immigrants -- illegal immigrants is a bad bet one dash megabit. >> you are the strawberry picker you're probably not paid a minimum-wage maybe one-tenth. lou: does go the other way they areaid re off the books but know where your to the works they perform. >> i agree. what troubles me about the point is you only assume i people were not willing to wwrk it is under the circumstans that the is of the grants were. once they become the goal is a different story?

we disagree on emigration and. i think we should have pathway to citizenship. lou: i support that entirely and they have been the first one to support the judiciary committee planned. >> 100 percent? lou: why do we have borders then? back went into recessions realistic. lou: then we will all be disappointed. >> that is your way to kill it. lou:. >> your way to kill if it is to insist foldboats to demand citizensh forhose who are here illegally. if you say rhetorical nonsense like that prayer to be bounceback.

>> we have the strong guest enforcement mechanism you would like when it to pursue divorcement. lou: i blood like honesty. it bring 6.5 million people per year. >> it is simple. if you get the phd as a degree youou don't get the greenard. do you agree? do you agree? i told you what is wrong. >> will you se them all ck? lou: have you ever heard me? i have spent talking about that. >>hat woul you do? lou: what have i said? had never called for the deportation of a single person. of would like to continue now with the broadcast that we would like to nstruct for our audience a interred to tom donahue is the the id heaps of this country -- the

elite, the 1% to run the country as if they are threatened during the jewish during theerun up at world war two. >> it is not the ideal formulationut i do have the degree of sympathy because more immigration improperly immigrated of low income workers will stimulated economy. lou: our salvation is to bring in? back i did not say salvation i did the say illegal. lou: why is that a solution with 20 billion and employ it? we back i am for tax reform i am for overhauling the federal budget, cutting spending we have to have a program. part of that is getting the the immigrants here.

lou: absolutely we apply to relieve the status quo intact and eand the program instead of deal with the issues. >> by box set every day. shows what a a clear divided there still is. it is a complex issue. there are a lot of different issues but whether it comes to a halt immigrati benefits the economy we have seen poll after poll the priority is not immigration right now but the overall well-being of the economy and jobs. that is what the average person is a litt more concerned with right now period lowe's scale immigration and how that helps. they do see that helping them personally. lou: either the republicans nor the democrats are talking about the fax cover the size or scale or scope for the bulk of the system that they define because

they have a different constituency. it is a shame because i have watched ts over aourse of adecade it has not improved much except the integrity of the argument. think you so much. wall street closes with the strong best performance this year. a huge we have the pruett -- improving economy. announcer: where can an investor be a name and not a number? scotade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: ranked highest in investor satisfaction with self-directed services by j.d. power and associates.

you are gonna need a wingman. and with my cash back, you are money. forget him. my airline miles will take your game worldwide. what i'm really looking fois -- i got two words for you -- re-wards. ♪ there's got to be better cards than this. [ male announcer ] there's a better way with creditcards.com. compare hundreds of cards from all the major banks to find the one that's right for you. it's simple. search, compare, and apply at creditcards.com. first round's on me. lou: stocks cle signal the week with the best performance of the year the nasdaq at 13.5% high. during the us with the ouook with of market correction and chief economist for moody's, not that i ambuscade, but john, what happened to the conventional wisdom two

weeks ago talking about corrections? >> for whatever reason janet yellen. lou: she is just barely in the job. [laughter] but if the economy slips or if we do have a correction the fed would be quick to take remedial action. $425 billion. that is not bad. lou: i really like her before her committee in front of congress this is big box office to approve of that day to day points -- 200 points with engage eight

legal wages be back very simple tuned straightforward ian deliverable to a bad others could not follow that same formula. lou: schaede they set a new standard very quickly. >> maybe they could have her work of their rewrite of health care reform. lou: we should not distract her from her day job with $4 trillion weedy her full-time coaches. weweeder earnings to come relatively strong. but they are bought it -- and has some sneaky decadence. >> interest-rate swap will be made low. the 10 year treasury above% now 2.75 that is helpful. lesshan 3% band the maet demands less so the focus

becomes then to get some mblance of profitability for if we could accomplish that by the endf the year the overl market would be up by five or 10%. lou: we have seen a the rket recover. >> it will be choppy going forward we're looking at a slow down we don't know what extent that is due primarily to a harsh winter weather. lou: i watched their discomfort as they try to rationalize their failure to put forward a strategy for their company. this is pretty clear so i wonder why it is so opae?

>> it will be modest growth for its plants the economies like the united states going forward:the past 12 months toocus on non discretionary spending getting growth of only 1.5% to its is our discretiony spending our housing related move aid to the slower rate of growth

lou: arica has a man he the best problem for sometime now to manage to ignore live alone except.

there was a time we were a class of society in this country all us working hard to live the american dream. now we are a society that is stratified to continue the alliterations and kayhan be suffocating. tom perkins worries there a rising tide of hatred of the successful one%notice stuck in the word successful of migh make him feel better instead of the rase amazingly rich are nine of the 99% also successful in ways more significant or important than material wealth? but that's certainly counts but w when asked to be the one idea that would change all the world.

>> you don't get the votes t what i really think is it should be corpotions if you get 1 llion votes. [laughter] lou: it is a loy idea and not american and all and not funny either. don't push the corporation because you are far too smart to understand it is hollow advice to serve corporate interest not necessary the public-interest no one loves free enterprise capitalism and all the girls with it more than can be but to create business success with cosmic genius suggesting how we should all think it just demonstrates the limits

perkins went on to repeated they tell the audience he does not the people he any idea whathe 1% is contributing to america. that is not true we talk about their contributions here all the time. he talk about how they pay a disproportionate amount of income tax 35 percent of all taxes paid compared to less than 3% with the bottom 50% of workers and taxpayers. millionairess spread and what ever more influence should be comforted by a closer examination of the voting process with the electoral system. it turns out the 1% does not need any help at all. not from anybody. we one to add un to 1% to

the divide a new ratio of more eye-popping ratio. but about '01% of the '01% like tom perkinsmichael bloomberg, a george soros contributing more than 40 percent of all money spen in the 2012 election cycle. 40 percent of all money spent in the 2012 cycle compared to only 15 percent in the tv the. -- 9080. tuned the trajectory for the 1% of the 1% is comforting and more than adequate compention for the nstitutional burden of putting up with the equal rights of the other 99.9%

and of that i want to present a certai. time to look your comments. talk about the late polls. >> it is reported that mr. obama but who is under water with every possible scenario how can he be under water who can walk on water? excellent pot*. >> is there in the law obama the cannot suspend delay modi or ignore? we have n done the close enough examination but it appears the answer is no. >> i have just finished reading your book "upheaval" the shou be required reading for e president and all members congress. well done. lou: contact us on our social sites. lou@loudobbs.com follow us on twitter and go to the

facebookage. free copies of "upheaval" to all offers of the comments we read on the broadcast.

u have time to shop for car insurance today? yeah. i heard about progressive's "name your price" tool? i guess you can tell them how much you want to pay an gives you a rangef options to choose from. h? i'm looking at it right now. oh, yeah? yeah.

what's the... guest room situation? the "name your price" tool, making the world a little more progressive. i ke prilosec otc each morni for my frzero heartburn.n. becat wohoo! [ male announcer ] prilosec otc is the number e doctor recommended frequent heartburn medicine for 8 straight years. one pi each morning. 24 hours. zero heartburn.

il: it's friday. do you e the republican ngressman is? they seem to be -- on the debt ceiling. now on hittingthe rof. they're focused on winning later this year they given up the fight to reign inspending at all this year. a $1 trillion farm bill that over the top. to start the week off. then a billion dolar climate measure pushed by the president that piles on the way t end the week. republicans are afraid to say boo, wine, or complain. they